Fin24 reports that 54-year-old Duncan Wanblad is set to take over as the new CEO of Anglo American in April, making him the first South African executive to lead the diversified global mining firm since Tony Trahar, who stepped down in 2007.
Wanblad, who currently heads Anglo's strategy and development, will ascend to the helm of one of the world’s most powerful mining companies with the wind at his back. Wanblad has held various senior executive positions in Anglo since joining the company in 1990, including as CEO of Anglo’s base metals and minerals division, as well as CEO of its copper operations. Both the incumbent CEO, Mark Cutifani, and his predecessor, Cynthia Carroll, were recruited from outside the firm. Patrick Mathidi of Aluwani Capital Partners said choosing a South African to head the London-headquartered company, which still holds an array of mining interests in SA, sent "a powerful signal". Mathidi said there had been ongoing concerns about big mining firms withdrawing from SA, but he hoped with Wanblad's appointment - given that he is a "homegrown" guy – that the fears would be allayed. Anglo American Platinum (Anglo holds almost 80% of the platinum group) also last year appointed a South African CEO, Natascha Viljoen. Analyst Simon Brown expects a seamless transition from Wanblad, given that he is an insider. Wanblad will be paid a basic salary of £1.25 million (R26 million) per annum, with additional benefits that include a maximum annual bonus of 210% of his basic salary (R54.6 million) and long-term incentives of up to 300% of basic salary (R78 million), vesting after three years. The bonus and long-term incentives are subject to achieving performance targets.
- Read the full original of the report in the above regard by Sibongile Khumalo at Fin24 (subscriber access only)
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